Mack-Cali Announces Third Quarter Leasing Results for Suburban Philadelphia and Southern New Jersey Properties
11/10/2005 Category: Leasing and Development
Cranford, New Jersey--November 10, 2005--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 180,946 square feet of leasing transactions at its Suburban Philadelphia and Southern New Jersey properties during the third quarter. Company-wide, Mack-Cali leased over 1.6 million square feet of space during the quarter.
Highlights of the third quarter transactions include:
- Xerimis, a clinical packaging firm, leased 50,640 square feet at 102 Executive Drive in Moorestown, New Jersey. The lease consists of a 32,000 square-foot renewal and a 18,640 square-foot expansion. The 64,000 square-foot office/flex building, located at Moorestown West Corporate Center, is 100 percent leased. Donna Bleiler, in-house director of leasing, represented Mack-Cali.
- Sterling Medical Services LLC., a provider of medical supplies and health management services, renewed its lease for the entire 48,600 square-foot office/flex building at 2 Twosome Drive at Moorestown West Corporate Center in Moorestown. Donna Bleiler represented Mack-Cali.
- RatnerPrestia P.C., a law firm, leased 33,651 square feet at 1235 Westlakes Drive in Berwyn, Pennsylvania. The lease consists of a renewal of 25,100 square feet and an expansion of 8,551 square feet. The 134,902 square-foot class A office building, located at Westlakes Office Park, is 91.3 percent leased. Glenn Blumenfeld and Michael Milone of Tactix Real Estate Advisors represented the tenant and Robert Leu, in-house director of leasing, represented Mack-Cali.
- Lucent Technologies, a communications services provider, signed a new lease for 10,430 square feet at 2 Commerce Drive in Moorestown. The 49,000 square-foot office/flex property, located at Moorestown West Corporate Center, is 76.3 percent leased. Brian J. Harris of Cushman & Wakefield represented the tenant and Donna Bleiler represented Mack-Cali.
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali currently owns or has interests in 271 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.2 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.